ACAM 2019-FL1, Ltd.: Rating Report

The initial collateral consists of 21 floating-rate mortgages secured by 35 mostly transitional properties with a cut-off balance totaling $400.3 million, excluding approximately $87.4 million of future funding commitments. Most loans are in a period of transition with plans to stabilize and improve the asset value. During the Reinvestment Period, the Issuer may acquire funded future funding commitments and additional eligible loans subject to the Eligibility Criteria. The transaction stipulates a $1.0 million threshold on pari passu participation acquisitions before a rating agency condition (RAC) is required if a portion of the underlying loan is already include in the pool. Please see the chart below for participations that the Issuer will be allowed to acquire.